North Carolina Down Payment Support Systems

Online Payments - These programs are the Mortgage Credit Certificate along with the deposit Assistance Program.

You purchase a home and December 1, 2009 and if you meet the requirements for one of these programs, it is also possible to qualify for the $8,000 tax credit just enacted into law.

First, who's a First Time Home Buyer? There is a first-time Home Buyer someone who hasn't owned a home in the previous three years. This is exactly the same qualifying definition.

All home owners can claim an itemized deduction for mortgage interest.

You can claim 20% of the interest you pay on your mortgage as a credit in your federal income taxes should you qualify for the MCC. It's possible for you to save up to $2,000 on your taxes.

You'll find a way to unite this if you do qualify for 2009, for the MCC. This could reduce a buyer's tax liability .

Who qualifies for an MCC is based on the cost of the property as well as your income you're purchasing. Household income is defined as the “gross income of the mortgagor and any other individual anticipated to live in the home who's 18 years of age or older.”

House price limitations Durham and Chatham Counties and the income are listed below.

MCC Income Limitations 1 Individual $61,500 2 Men $61,500 3 Individuals $70,500 4 Individuals $70,500

MCC Sales Price Limits New Home $220,000 Existing House $210,000

Who Qualifies for Down Payment Help?

The buyer only has to pay $1,000 of their own funds and the load would pay up to .

This plan has more stringent income limits than the MCC program summarized above. Like the MCC application, it can be utilized along with the new $8,000 tax credit on home purchases between January 1, 2009 and December 1, 2009. The deposit assistance, nonetheless, cannot be used in combination with the MCC. That is an either or situation.

House price limits that apply in Durham, Orange and Chatham Counties and the income are listed below.

Down Payment Assistance Income Limits

1 Individual $39,950 2 Individuals $45,650 3 Persons $51,350 4 Men $57,050

Down Payment Support Sales Cost Limits New Dwelling $210,000 Existing Residence $210,000